Deals: Eiffel 1, FTC corporate securitization;
Essential Public Infrastructure Capital (Epic) collateralized loan obligation
Sizes: e256.5 million; £397.1 million
Arrangers: Deutsche Bank; Merrill Lynch International
Dates: October-November 2004
Europe’s two most developed public-private partnership (PPP) programmes produced a brace of innovative capital markets deals at the end of 2004.
Portugal has built more than a third of the 2,850km motorway network planned under its PPP road programme, attracting ?5.7 billion of long-term bank debt. Eiffel enables four Portuguese construction consortia (agrupamentos complementares de empresas ? ACEs) to raise money against the security of revenues from contracts for four of the country’s road projects with total expected payments of ?1.293
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